Top stock picks by Religare Broking: Buy Dabur, sell Sept Futures for DLF

Aurobindo Pharma Limited

Recommendation: Buy

Last Close: Rs 605.05

Initiation range: Rs 598-602

Target: Rs 630

Stop loss: Rs 585

The stock has been hovering in a range for the last three weeks, after retesting its monthly support zone around Rs 540 levels. All indications are pointing towards possibility of a breakout in the near future. The chart pattern and confirmation indicators are also pointing towards fresh surge ahead. We advise accumulating in the given range.

Dabur India Limited

Recommendation: Buy

Last Close: Rs 443.05

Initiation range: Rs 435-438

Target: Rs 462

Stop loss: Rs 423

We’re seeing a mixed trend in FMCG front and Dabur is maintaining its positive bias amid volatility. After a strong surge from its crucial support zone around Rs 360 levels on weekly chart, it has witnessed a marginal dip of late, offering fresh buying opportunity. We advise traders to use this chance and initiate fresh longs in the mentioned zone.

DLF Limited

Recommendation: Sell Sep Futures

Last Close: Rs 164.15

Initiation range: Rs 166-168

Target: Rs 155

Stop loss: Rs 171

DLF has witnessed sharp recovery of late but failed to breach the resistance hurdle around Rs 170 and formed a fresh shorting pivot on chart. The current market scenario combined with the overall downtrend of the stock is adding to the negativity. We advise initiating fresh shorts in the given range.

Ambuja Cements Limited

Recommendation- Sell Sep Futures

Last Close: Rs 193.50

Initiation range: Rs 195-196

Target: Rs 184

Stop Loss: Rs 201

Mostly cement counters are trading under pressure and this stock is no different. It has reached closer to the lower band of its major consolidation range and likely to see breakdown from the same in the near future. We thus advise creating fresh shorts as per the given levels.

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